This Research Note examines what’s behind Schneider Electric’s acquisition of Motivair Corporation, a US manufacturer of liquid cooling solutions for data centers. We review the transaction details, the strategic rationale, the Motivair offering and assess how this acquisition fits into Schneider Electric’s data centers portfolio. Transaction Details Schneider Electric agreed to acquire a 75% controlling interest in Buffalo-based Motivair for an all-cash consideration of $850 million, which includes the value of a tax step-up, and values Motivair at a mid-single digit multiple of projected FY2025 revenue. On completion, Motivair would be reported within the Energy Management business of Schneider Electric. The Group expects to acquire the remaining 25% of non-controlling interests in 2028. Strategic Rationale This transaction augments Schneider Electric’s portfolio of direct-to-chip liquid cooling and high-capacity thermal solutions, enhancing existing offerings and furthering innovation in cooling technology. Peter Herweck, Chief Executive Officer of Schneider Electric commented: “The acquisition of Motivair represents an important step, […]